NJ Assembly OKs Bill To Redevelop Dormant Properties

Law360, New York (January 13, 2014, 8:00 PM ET) -- The New Jersey General Assembly on Monday advanced a bill that would promote the redevelopment and revitalization of dormant properties to add them back to the property tax rolls.

In a 62-18 vote, the state Assembly approved A-3604, which would order New Jersey’s Economic Development Authority to initiate a pilot program designed to identify properties that have gone dormant due to issues that make them unattractive to buyers, and to establish a process to facilitate their redevelopment.

If A-3604 becomes law, the EDA will work with...
To view the full article, register now.